Two arrested in $96M Ponzi scheme

August 1, 2013 6:03 PM

Two brothers-in-law from Old Westbury -- Brian R. Callahan and Adam J. Manson -- were arrested Thursday morning by FBI agents on a multicount indictment charging them with siphoning securities investments as part of a nearly $100-million Ponzi scheme that included the takeover of the landmark Panoramic View Hotel & Residence in Montauk.

Two brothers-in-law from Old Westbury -- Brian R. Callahan and Adam J. Manson -- were arrested Thursday morning by FBI agents on a multicount indictment charging them with siphoning securities investments as part of a nearly $100-million Ponzi scheme that included the takeover of the landmark Panoramic View Hotel & Residence in Montauk. (Credit: Hampton Pix, James Carbone)

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Two brothers-in-law from Old Westbury -- Brian R. Callahan and Adam J. Manson -- were arrested Thursday morning by FBI agents on a multicount indictment charging them with siphoning securities investments as part of a nearly $100-million Ponzi scheme that included the takeover of the landmark Panoramic View Hotel & Residence in Montauk.